Spire Inc. (NYSE: SR) reported a wider-than-expected fourth-quarter loss on Friday, though the utility firm lifted its earnings outlook for the next two fiscal years. Shares fell nearly 2% in intra-day trading.

The company posted an adjusted loss of $0.47 per share, missing analyst estimates of a $0.43 loss. Revenue came in at $334.1 million, well below expectations of $422.84 million.

For fiscal 2025, Spire reported adjusted earnings of $4.44 per share, up 7.5% from $4.13 in the prior year. The company issued fiscal 2026 earnings guidance of $5.25 to $5.45 per share, above consensus of $5.20, and introduced fiscal 2027 guidance of $5.65 to $5.85 per share, topping expectations of $5.55.

Spire's Gas Utility segment generated adjusted earnings of $231.4 million in fiscal 2025, compared with $220.8 million a year earlier, supported by new rates at Spire Alabama and higher surcharge revenues at Spire Missouri. The Midstream segment saw earnings climb to $56.3 million from $33.5 million, driven by expanded storage capacity and contract renewals at higher rates.